Q. Consider the following statements about Udyam Registration:
1. It is a registration portal for MSME.
2. The registration on this portal is necessary for any MSME that wants to avail concessions or benefits from the Central and State governments.
Which of the statements given above is/are not correct?
Answer: D
Notes:
About Udyam Registration:
- It was launched in July 2020. It is a registration portal for MSMEs.
- This portal is more streamlined than the previous Udyog Aadhaar Memorandum. The portal is also fully integrated with Income Tax and GST IN (Goods and Services Tax Identification Number) systems.
- Upon registration on this portal, an enterprise will be assigned a permanent identification number to be known as ‘Udyam Registration Number’.
- The registration on this portal is necessary for any MSME (regardless of the social category of ownership) that wants to avail concessions or benefits from the Central and State governments and want to get covered under schemes of the governments, including priority sector lending of banks.
Source: EPIC February 2022
